After few days of deceleration, Indian markets started recovering. In yesterday’s trading session Sensex advanced by 285 points, ending at 17,731 and Nifty rose by 94 points reaching 5.375. Ease in oil prices, offset concerns about rising energy expenses which could undermine efforts to limit inflation and lower interest rates. Gains of yesterday’s trading session were mainly concentrated on buying in Realty and Metal counters, while consumer durables stocks also saw strong gains. Reliance Infra was the top gainer followed by Reliance Communications and Reliance Power. Other infra stocks like JP Associates and IDFC also saw buying interest.
Today the indices also started up, Sensex was trading up 204.90 points or 1.16% at 17,936.02, Nifty was trading higher by 66.25 points or 1.23% at 5,441.75. However markets have reduced the early gains and have turned unstable after the announcement of Q3 GDP data. The Gross Domestic Product (GDP) for the third quarter of the current financial year saw a slower growth rate at 6.1% as compared to 6.9% in the previous quarter. The data is termed to be the lowest in the last 11 quarters.
Asian markets increased sharply today, following the US markets as Japanese industrial production numbers is better than expected. U.S. stocks hiked on Tuesday, the Dow Jones Industrial Average added 23.61 points, or 0.2%, to 13,005.12. The S&P 500 climbed 4.59 points, or 0.3%, to 1,372.18. The Nasdaq Composite rose 20.60 points, or 0.7%, to 2,986.76. Nikkei 225 was up 0.90%, Hang Seng advanced 0.52% and Seoul Composite was up 1.30%.
Other Economic and Political News:
- Higher import duty will hurt sector: Private power companies to PM
- January infra output reduces to 0.5% yoy
- Rising crude oil prices disturbing: Finance Minister
- ONGC, GAIL may offer Rs.9, 800cr for Cove
- IOC gets state permit to draw river water for refinery
- GMR Infra in talks to sell US$200mn in road assets
- Essar Oil loses Rs.302cr insurance claim